Rationally Thinking

Stumbled on an idea? Well, good luck in fitting it through a logical process. Many people like to take the rational approach to make decisions and anything new makes us uncomfortable. So how do you break this down?

A neat website i stumbled on exploits all the logical fallacies that could be thought of. While you may enjoy the varieties, the one i could relate to was the “Texas Sharpshooter”. The fallacy states,” You cherry-picked a data cluster to suit your argument, or found a pattern to fit a presumption”. Now this could have anything to do with marketeers, research folks, business decision makers or even the police i dare say. Let’s figure the first one of the lot. You are in a discussion where the latest customer insight is being torn to pieces. Someone pops up saying that a variant of the new soap is doing well in some of the target markets and hence budgets need to be allocated to achieve more penetration. They drill down the data till it begins to please the quorum. Now there lies a sharpshooter. While the soap variant did do well is some of the markets, it was marketed across several others. The lack of data from other regions is also talking. A change in perspective would show that its not doing well in a majority of the regions. In that case, where does our sharpshooter go? Can he still paint a canvas sitting on a pile of budgets to put out?

Similar cases happen in several other areas. When it comes to creating new products, finalizing on target markets, to may spotting organised crime or figuring out patterns. Sharpshooters are going to be everywhere to give the pattern a voice. Will it be a rational approach or just another subjective take that is coloring decision making? I leave that to you for figuring it out.

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Aspire

To aspire is to simply have a greater ambition or an ultimate goal as per the dictionary definition. Once you have reached a specific level of expertise or stage in your life, you’re quickly looking out for what could be the next best thing. Marketeers too have tapped in to this particular set of our psyche from time to time.

Some of the most popular brands such as Apple, Mercedes, Louis Vuitton and others have successfully created that aspirational brand value for themselves. Brands have typically created an aspirational brand strategy in the following ways:

1. Targetted Advertising: Associating the brand with the nice to have features and showcasing a lifestyle that most people can only aspire to have is one of the key ways. High fashion brands have used super models, while in other cases certain brands have stayed off any celebrities and made the product the hero of their advertisements.

2. Build brand loyalty: One of the key initiatives has to be centered on making the customer aware of how the product can be put in to use everyday. Be it a high-end handbag or an SUV, the advertisement or brand collateral needs to highlight features for using the product for a wider number of applications. That ways they can build brand loyalty and further ensure that their customers recommend the product to others as well.

3. Keep it Simple: Brands need to be careful while positioning the product in the aspirational set since it needs to have a strong customer value proposition to deliver. Customers can clearly see past any over the top promises that are being made during promotions. Hence the message must be simple and yet powerful to drive the messaging across.

Creating a high end lifestyle is just one of the end results of an aspirational brand strategy. However marketeers need to steer clear and get the basics right, lest it turn in to a disaster.

Banking in a Jifi!

First off, this was one of my first Indiblogger meets in Mumbai. I have been blogging since the last 1.5 years, so thought i might as well venture in to the meet and see what’s it all about. Let me put it this way, if you thought bloggers are a bunch of nerds/geeks with awkward social skills, then you are wrong! This meet was a tri-city event and we were patched up with Bangalore and Delhi through a live feed. What’s more, they had Chetan Bhagat in the house who made the session interactive and joked about the upcoming movie Two States which is based on his book.

The event was basically organised to launch a  Kotak Mahindra Bank product called Jifi. Now i have worked in a bank prior to this and i must say they are breaking new ground here. Jifi is targeted towards the millennials and basically for anyone who is social media savvy. The concept is based on social banking. People who sign-up are free of balance woes, as they have no minimum balance requirement. The point i liked is that you earn lucrative interest for money above Rs. 25,000 as the bank automatically creates a term deposit for you. So for someone who doesn’t really care to invest and make their money work, this is a pretty good deal. The social media part is plugged in on Twitter. Basically anyone with this account can run a few activities like balance inquiry, historical statements and others. Some of the bloggers inquired about how safe this could be in case someone withdraws or transfers money from their account. To this Mr. K.V.S Manian (Head of Consumer Banking) replied that the services offered do not include transactions. So for the average user like me, i could tweet to Kotak asking about my balance and i will receive a Direct Message with the details, hence keeping my banking details private. Now, though the service is new in India something similar has been done abroad years back. American Express has a service called AMEX SYNC that lets people buy stuff using Twitter. However, from an Indian perspective this service from Kotak is a first. They also have a Kotak MoneyWatch service thrown in to help people like me track their expenses. Plus the more friends you refer, the more social points you stand to earn. These can be redeemed or transferred to friends later.

Adoption levels for a product like this will depend on how people approach social media in general. Many people are bogged down with privacy concerns, so i reckon it may take a while to catch-on. However for people like me who are pretty much online most of the time and breathe social, this is a pretty cool service to try out. I do hope though that they take care of two-factor authentication on twitter. One of the other issues, they should address is people having different email addresses when they sign up for twitter / facebook / banking.

All in all, this was a good event to be a part of. I met a lot of cool new bloggers and got some solid tips from them. Plus the event was hosted at Cafe Zoe which is one of my favorite places in Lower Parel. Now, let me get back to exploring Jifi !

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PS: Thanks to Indiblogger and other bloggers for re-tweeting and sharing the photo on Twitter 🙂

Facing The Music

Against all odds. That’s what first came to my mind when i had to get down to implementing a lot of things some years back at work. However, it’s just the approach that needs to be changed. Instead of all the odds, i began to think of all the opportunities that i could be on. That minor change in perspective made me believe in pushing myself against all boundaries.

So a deliverable at 7 AM? No problem.

4 hour commute. Can be managed.

Can you work on this aspect (something i’ve never heard of). Sure. {Factor in late nights spent awake in reading about how it really works}

Ad-hoc meeting, I just have to pull you in to this one. Sure, you can count on me.

Among many other such situations, i reveled in the pressure. After all, what is a day worth when you don’t learn something new? I’ve learnt to read up more than my clients do, understand more than the intern can throw at me and deliver more than i possibly could imagine. It’s said that we overestimate ourselves in the short run and underestimate in the long run. In my case, i would say overestimating actually helped me in accomplishing more than i thought was possible. Against all odds, it may have seemed to others. But to me, they were in my favor. Facing the music as many would think. In my head, i was loving the music and finding meaning in the rhythm. Isn’t life itself like that? I sure do believe it is!

 

The New Digital Age : Book Review

The New Digital Age. The title promises precisely what the book delivers. I mean, what else would one expect when two big names unite to share their views and perspective on what digital holds for the world in the future? Eric Schmidt has been at the helm of the ever innovative Google and Jared Cohen who is a Rhodes Scholar and the director of Google Ideas. Cohen also makes it to the Time’s 100 most influential people in the world list this year. Being an avid non-fiction reader, there are many times i’m let down by some books when they really don’t get me as much information i’m hoping to seek. But this book had me glued. I mean, we google stuff so often and hear a lot about the changes that keep coming up in Android / Google Products. However, this book is more of an exploration of the information explosion that has happened over the past few years. Data is clearly the glue that will be binding a lot more than plain business or social media.
The book starts off with an introduction to our future selves. This part talk about education being the base for innovation and opportunity. We are already seeing this take to full force with children using tablets in schools which are aided by an army of apps that are simplifying classes for the masses. It goes on to talk about a better quality of life enabled with the high level of customisation that can be done using smartphones these days and how this will be pathbreaking in health care support. This is followed by the future of identity, citizenship and reporting which covers authenticity of profiles, the level of social uprising triggered via social media, government surveillance etc. We have already seen how several people and corporations handle their online image (reputation). I particularly found the idea of insuring one’s online identity against theft, hacking, fraud etc. I believe the time for this has almost come to try out and agree that online identity will be the new currency. They also go on to highlight the consequences of VOIP and P2P networks that can exchange data more privately (VPN). The AADHAAR program back home has also been cited to indicate the magnanimity of the UID initiative by our ruling government. I believe we know of quite a few scams in the recent times for this as well.
In the future of states, they have covered a variety of countries in the levels of censorship that are being dictated. Starting from China’s blocking of Facebook, Tumblr, Twitter to Turkey’s blocking of Youtube for 2 years over a debacle for taking down videos that were derogatory to the nation’s founder. Political & cultural censorship is taken up by South Korea, Malaysia and Germany which i think is a far more effective model.
We have all heard of the Arab Spring. The duo talk about how in riots, the internet lent a way for females to express themselves without being hurt. Also when the government blacked out the internet to avoid the spreading, the setting up of @Jan25voices handle helped in letting the world know about what was happening, albeit without any policy influence. They talk about a model where successful leaders will be able to address the concerns of both virtual and physical constituencies. I reckon this is happening as we speak in the Indian context where there are twitter armies for Modi (BJP) and Rahul Gandhi (Congress) battling it out in the trends and mentions everyday. 
Terrorism is another key issue that is detailed in this book. Activists, local networks, simple start up kits for them to propagate the hate would be enough. This will be a big issue for technology firms in terms of screening content due to the sheer volume of uploads per second across the web. Since most sites work on users reporting abuse / flagging content as abusive, the process will take time for them to actually block stuff. In the future of conflict, combat and intervention they address how a single post / photo/ tweet can be the beginning of something bigger on the lines of a revolution. A scary part talks about the “human flesh search engines” in China which basically means that there are scores of people whose objective is to search and track down the individual posting specific content that could be offensive. They go on to mention combat using robots and the dilemma of machines making an error during a highly targeted mission.
Lastly in the future of reconstruction they talk about how telecom in Somalia is so cheap that people actually drop international calls to call relatives back! In terms of community service, the HAITI campaign is mentioned where “text to donate” helped Red Cross to raise USD $5 million for relief campaigns. An interesting part talks of how crowd-sourcing will enable the culture of accountability. This is the most optimistic part where they go on to hope that creativity and bandwidth will be key drivers of innovation. All in all, i feel that even if you’re not working in digital this book is a great read to know what the frontier of technology looks like.
*image source credit: standard.co.uk